In today’s roundup of regional news headlines, a Chinese private equity firm reportedly sells a five-star Sydney hotel, casino operator Genting Singapore posts a first-quarter profit decline, and buyers jump on new flats for sale in Hong Kong’s Kai Tak.
A Chinese private equity group has sold the InterContinental Sydney Double Bay for almost A$180 million to Melbourne-based developer Fridcorp, founded and headed by Paul Fridman.
Independent sources say there are suggestions that Fridcorp in a joint venture with Piety Group paid A$178 million ($140 million) to Shanghai United for the luxury five-star hotel in the heart of Double Bay village amid plans to restyle it as a Louis Vuitton-branded hotel. Read more>>
Genting Singapore, the operator of Resorts World Sentosa, has posted in its first-quarter business overview a 26 percent drop in net profit to S$34.5 million ($26 million now) for its first quarter ended March, while revenue declined 32 percent to S$277.9 million.
This was due to the COVID-19 impact that continued to weigh on operational performance, Genting said last Friday, adding that its earnings decline would have been more pronounced if not for the support measures initiated by the Singapore government. Read more>>
Marketing agent Colliers International is putting up a pair of adjoining freehold six-storey commercial buildings for sale via an expression of interest (EOI) on 11 May.
Located at 70 and 72 South Bridge Road, the buildings have been given an indicative price of S$45 million ($34 million). This translates to about S$3,550 per square foot on the existing gross floor area across both buildings, Colliers said in a press statement on Monday. Read more>>
Hong Kong buyers showed strong appetite for new flats for a second day in a row, encouraged by a steep economic rebound as investors look to deploy funds amid improving sentiment.
Henderson Land Development sold some 70 percent or 134 of 196 units on offer at phase one of The Henley, the company’s first project in Kai Tak, at the close of sales on Sunday, raking in sales of HK$15.5 billion ($2 billion), Henderson said. Read more>>
A string of growth initiatives unveiled by ESR-REIT last week, including an equity fundraising, was met by a sell-off in the market.
But these latest moves could set ESR-REIT on a road to redemption of sorts, after spending months last year embroiled in an attempt to acquire Sabana Shari’ah Compliant Industrial Real Estate Investment Trust (Sabana REIT) at a steep discount to its book value. Read more>>
Simon Yam isn’t called the “King of Property” for no reason. The 66-year-old has such a keen eye for acquiring real estate that he’s amassed over 30 properties around the world, including in Hong Kong, London and Shanghai.
While he remains tight-lipped on how much he’s invested, he has shared that he has wealth managers to “make long-term plans for (him) and (his) family and to make preparations for inheritance matters for the future”. Read more>>
South Korea’s IGIS Asset Management and Hana Financial Investment have acquired a 49 percent stake in the headquarters of the US mortgage lender Fannie Mae for KRW 250 billion ($223 million), followed by another Korean consortium’s KRW 290 billion purchase of a logistics centre in the Netherlands.
Both IGIS and Hana bought the stake in the two-building Midtown Center in Washington DC from Carr Properties. The US real estate investment firm holds the remaining interest in the 80,717 square metre (868,831 square foot) property. Read more>>